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Ass 1 Feedback: David Bogoslaw The most important aspect of the assignment is the identification of what is an element of the

financial statements. The major problem with the answers submitted is that students failed to identify either assets, liabilities, income or expenses as issues in financial reporting and how these elements are recognised, measured, valued and disclosed. Several students incorrectly discussed issues that are not elements of the financial statements e.g. credit crisis, corporate governance and capital markets. It should have been evident that you were on the wrong path when you could not find an IAS or references to the conceptual framework to back up your arguments Very few students referred to IAS or to journals from the literature. Some students were able to identify the elements, the IAS and the journal references as well as putting forward an argument based on how these elements are recognised, measured, valued and disclosed. These students all obtained Agrades. The feedback is therefore simple. Follow instructions, if you are not sure ask? You were required to examine the players as stakeholders with vested interests in corporations. How do the various stakeholders view the firm and its reporting structures? Is the information sufficient for their needs? How does their perspective influence the issues raised? For instance, how would a financial institution/bank feel if intangible assets were included on the balance sheets of its clients? Would an employee or a manager in client firms feel the same way? References were incorrectly completed in most cases and the bibliography and referencing within the text did not comply with the Harvard Referencing System. The discussion and conclusion was significantly limited for those students who were unable to identify the elements to the financial statements, assets, liabilities, income or expenses. On the one hand, some students were completely off topic and wrote on issues unrelated to the assignment and on the other hand I received some very good scripts that illustrated a command of the IFR.